The new debt deal "would cut & cap discretionary spending immediately, saving $917B over 10 years." House Speaker John Boehner's PowerPoint slides. "[A] nearly complete capitulation to the hostage-taking demands of Republican extremists... many are counting on future Congresses to undo its arbitrary butchering... a political environment laced with lunacy." The New York Times. This is your federal budget. Source: Congressional Budget Office, March 2011 baseline. Vertical axis is billions of dollars. This is your federal budget on "cuts." Source: CBO March 2011 baseline, with 2% cut in each year after 2011. In case you find it difficult to see the difference, here are both budgets, cut and un-cut, on one chart. Total spending, 2012-21, in baseline: $45.769 trillion. Total spending, 2012-21, with "cuts": $44.854 trillion. Spending increase, 2011 to 2021, in baseline: 56.5% (4.6% per year, average). Spending increase, 2011 to 2021, with "cuts": 53.4% (4.4% per year, average). Incidentally, the American Recovery and Reinvestment Act of 2009 (the "stimulus") will cost $814 B over....
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